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Stock Market & Financial Investment News

News Breaks
June 16, 2014
07:57 EDTUSB, F, HMC, VLKAY, GM, WFC, FIATY, TMAutomakers increase share in car loan market, Reuters says
Carmakers' financing units made half of all new U.S. car loans in the first quarter, which was their biggest share of the market in four years and up from 37% a year ago, according to Reuters, citing data from Experian. As the automakers take an increasing share, banks such as U.S. Bancorp (USB) and Wells Fargo (WFC) have been pushed into riskier parts of the loan market, such as financing for used cars, the report noted. Publicly traded automakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Toyota (TM) and Volkswagen (VLKAY). Reference Link
News For HMC;TM;GM;F;FIATY;VLKAY;USB;WFC From The Last 14 Days
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January 21, 2015
19:18 EDTFIATY, F, TM, GM, HMC, VLKAYLower oil prices could boost car and truck sales, CNBC reports
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13:54 EDTGMJPMorgan could lose $1.5B as a result of 2008 error, Reuters says
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13:53 EDTTM, F, HMC, GMGoldman cuts rating on auto dealers citing below consensus U.S. sales view
Goldman Sachs lowered its outlook on auto dealers to Cautious from Neutral, citing several factors, including its belief that U.S. auto sales growth will be "essentially flat" this year. The firm also downgraded its rating on one of the companies in the sector, AutoNation (AN), to Neutral from Buy and removed the stock from its Americas Buy List. WHAT'S NEW: U.S. auto sales will probably rise less than 1% this year on a seasonally adjusted basis, Goldman analyst Patrick Archambault wrote in a note to investors today. Archambault indicated that his U.S. auto sales estimate is significantly below analysts' consensus outlook. Incentive deals and sales to subprime customers last year will probably negatively affect sales growth this year, the analyst stated. Additionally, the growth of dealers' revenue from parts and service is likely to slow this year after a series of major auto recalls were carried out last year, Archambault warned. Dealers may also be hurt by the regulation of auto lenders by the Consumer Financial Protection Bureau, since lenders and dealers split the profits from interest rate markups, the analyst stated. Finally, dealers are trading at a valuation that is 13% above their ten year average, according to Archambault. The analyst cut his rating on AutoNation to Neutral from Buy, based partly on valuation and his belief that the stock's near-term catalysts have diminished after it implemented a rebranding strategy and enhanced its digital systems. Over the medium term, the company's growth prospects will be limited by weak U.S. auto sales growth this year, added Archambault. However, the analyst continues to identify AutoNation as his favorite auto dealer stock. Other auto dealers covered by the analyst include Penske (PAG), which he rates Neutral, and Group 1 (GPI) and Sonic Automotive (SAH), both of which are rated Sell by the analyst. WHAT'S NOTABLE: Automakers whose shares could be negatively affected if the analyst's forecast for anemic U.S. sales growth proves to be accurate include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). PRICE ACTION: In mid-afternoon trading, AutoNation lost 1.2% to $57.12, Sonic Auto lost 1% to $25.18, Group 1 fell 2.5% to $77.40, and Penske climbed 1% to $47.09.
12:24 EDTUSBOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as details of a reported bond buying program planned by the ECB offset weakness in the Dow after IBM's (IBM) earnings report. ECONOMIC EVENTS: In the U.S., housing starts rose 4.4% in December to a 1.89M rate, versus expectations for an increase of 1.2%, while building permits fell 1.9% to a rate of 1.03M, versus expectations of an increase of 0.8%. The Bank of Canada lowered its target for the overnight rate by one-quarter of one percentage point to 0.75% in response to the recent sharp drop in oil prices, which it said will be negative for growth and underlying inflation in Canada. Reports indicated that a proposal from the European Central Bank’s executive board is calling for it to begin making bond purchases of about EUR 50B per month and continue that easing program for at least one year. In Asia, the Bank of Japan refrained from expanding its stimulus program, although it expanded and extended its loan programs aimed at boosting bank lending. Also, the BoJ cut next fiscal year's CPI forecast to 1.0% from the 1.7% it had projected three months ago. COMPANY NEWS: Last night, IBM reported better than expected Q4 earnings, though its revenue and FY15 profit outlook trailed estimates, sending the stock down over 3% this morning. Citigroup cut its price target for IBM shares to $170 from $180 after reducing its sales and earnings estimates following the tech giant's Q4 results. Citi reiterated a Neutral rating on IBM, saying it wants to see stability in fundamentals and free cash flow growth before getting more positive on the name. Meanwhile, Jefferies said IBM's cash flow guidance for 2015 is "very weak" and that the company has yet to reach a bottom. The firm continues to believe the risk/reward for shares is skewed negatively and it kept an Underperform on IBM with a $130 price target following the company's Q4 results... Netflix (NFLX) jumped 17% to trade near $409 per share after the company reported stronger than expected fourth quarter results and a number of research firms raised their price targets for the stock while pointing out the company's global subscriber growth had exceeded expectations. Bucking the trend, FBR Capital analyst Barton Crockett said Netflix's EPS would only have been in-line with the consensus outlook if non-operating items were excluded. He said he is less impressed with Netflix following its report and trimmed his price target on the stock to $400 from $425 while keeping a Neutral rating on the shares. MAJOR MOVERS: Among the notable gainers following their earnings reports were Northern Trust (NTRS), which rose 6%, and U.S. Bancorp (USB), which gained 3.5%. Among the noteworthy losers was Eldorado Gold (EGO), which dropped 19% after the company reported on its 2014 gold production, gave guidance on production in 2015, and its shares were downgraded at Credit Suisse, TD Securities and Canccord. Also lower was Acacia Research (ACTG), which fell more than 14% after a court granted a motion finding no infringement of certain method claims asserted by the company's Adaptix subsidiary against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. INDEXES: Near midday, the Dow was up 42.03, or 0.24%, to 17,557.26, the Nasdaq was up 27.36, or 0.59%, to 4,682.21, and the S&P 500 was up 12.25, or 0.61%, to 2,034.80.
10:09 EDTUSBU.S. Bancorp sees Q1 NIM down 'a few points' from 3.12%
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09:49 EDTUSBU.S. Bank promotes Andrew Cecere to COO, Kathy Ashcraft Rogers to CFO
U.S. Bank announced yesterday that Andrew Cecere, currently Vice Chairman and CFO, has been promoted to Vice Chairman and COO and will be responsible for U.S. Bank’s core lines of business: Consumer and Small Business Banking, Wholesale Banking and Commercial Real Estate, Payment Services, and Wealth Management and Securities Services. Cecere will continue to report to Richard Davis, Chairman, President, and CEO, U.S. Bank. Kathy Ashcraft Rogers, currently Executive Vice President, Business Line Planning & Reporting, will succeed Cecere as Vice Chairman and CFO. Rogers has been with U.S. Bank for 28 years and has served in a variety of leadership roles within the Finance organization. She will report to Davis and join the Managing Committee, which consists of the 14 most senior leaders at U.S. Bank.
09:47 EDTUSBU.S. Bancorp CEO Davis says management changes won't change his role
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09:45 EDTUSBU.S. Bancorp sees efficiency ratio remaining in low 50s going forward
Sees efficiency ratio remaining in low 50s going forward. Sees net charge offs "relatively stable" in Q1. Says capital position is "strong." Comments made on the Q4 earnings conference call. U.S. Bancorp shares are up 1.82% to $41.96 in morning trading.
07:24 EDTUSBU.S. Bancorp CEO says well positioned for growth as economy improves
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07:22 EDTUSBU.S. Bancorp reports book value per share $21.68 at end Q4
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07:22 EDTUSBU.S. Bancorp reports Q4 common equity tier 1 capital ratio of 9.7%
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07:20 EDTUSBU.S. Bancorp sees net charge-offs to stay relatively stable in Q1
Given current economic conditions, the company expects the level of net charge-offs to remain relatively stable in the first quarter of 2015.
07:19 EDTUSBU.S. Bancorp reports Q4 net charge-offs down 8.3% on linked quarter basis
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07:16 EDTUSBU.S. Bancorp reports Q4 EPS with items 79c, consensus 77c
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06:52 EDTFRegulators deciding whether Ford should widen recall, Reuters says
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January 20, 2015
15:21 EDTUSBNotable companies reporting before tomorrow's open
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12:51 EDTVLKAY, TMToyota sees 2015 global sales dropping to about 10.15M units, Nikkei says
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08:59 EDTGMGM receives 108 new ignitition claims, $400M earmarked for cases, Reuters says
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05:23 EDTFFord Mustang now available in China
For the first time in its 50-year history, Mustang will be available to customers around the world in more than 100 markets. First shipments of the highly anticipated Mustang are headed for Asia, with vehicles arriving in Europe midyear. The all-new Mustang – assembled in Flat Rock, Michigan – now joins other Ford and Lincoln vehicles exported to countries abroad. In 2013, Ford shipped more than 380,000 vehicles from the United States.
January 18, 2015
17:46 EDTFNHTSA probes Ford recall of its Super Duty pickups, Bloomberg says
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